The following information is available for Partin Company.Sales$598,000Sales returns and allowances20,000Cost of goods sold398,000Selling expense69,000Administrative expense25,000Interest expense19,000Interest revenue20,000Instructions:1: Use the above information to prepare a multiple-step income statement for the year ended December 31, 2007.2: Compute the profit margin ratio and gross profit rate. Partin Company�s assets at the beginning of the year were $770,000, and they were $830,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings. (Points : 30)